The actual trading in the Forex market takes place in currency pairs. You either sell on currency for another or buy a currency with another. Each pair is made up of a base and a quote currency. In the EUR/USD pair, the Euro is the base and the US dollar is the quote. Currency trading started out as a way for businesses and individuals to change money for overseas travel and commerce. This was a real service industry driven by the underlying level of world trade. Forex is categorised as a red product as it is considered an investment product with a high complexity and a high risk.
Experience the difference that precise execution makes. Assume control of your trading through user defined Price Tolerance, with the potential for benefiting from price improvement. America's markets close every evening and do not open again until the next day; if it is not a weekend. This limits the amount of time we have to trade but also the actual physical number of trades we can do.
When trading forex, you always speculate on whether the price of the base currency will rise or fall against the counter currency. So in AUD/USD if you think AUD will rise against USD, you go long (buy) the currency pair. Alternatively, if you think AUD will fall against USD (or that USD will rise against AUD), you go short (sell) the currency pair.
Rate Alerts allow you to be notified via Email or SMS/ Call when your desired rate is available. Enter in the currency, product and rate at which you want the alert to be triggered. Then key in your email and mobile number at which you would like to be notified when the rate of your choice is available.
Not Using a Stop/Loss Point for every trade- This sounds like it should be a no-brainer, especially if you are using high leverage. Just because you think that the market will do something doesn't necessarily mean that it will. The market can swing very quickly in a direction and if you are on the losing side of the stick, you can quickly watch as your account gets wiped out. In some events, like trading the news, a stop/loss point can be extremely critical as a lot of trading platforms will actually slow making it hard for you to cancel trades. A stop/loss point will help you buffer some of the losses, should you be wrong.
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